11. New York Life Insurance Co. offers the following $250,000 term life policy to females aged 30-34 in moderate to good health: (Policy is fixed charged to customers annually) Outcome Payout = X Probability = P(X) Live (survivor) SO Death .0023 $250,000 $200,000 Disability .0117 a. Find the expected value (mean) of the annual cost of the policy to NY Life. b. If New York Life wanted to make an annual profit of $500 on this policy, how much should they charge women who elect to take out this particular life insurance policy